Part III Licensing of Credit and Hire BusinessesF2
Licensing principlesF1
S. 24A inserted (16.6.2006 for certain purposes and otherwise 6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. {28}, 71(2); S.I. 2006/1508, art. 3(1), Sch. 1; S.I. 2007/3300, art. 3(2), Sch. 2
24AF1Applications for standard licences
1
An application for a standard licence shall, in relation to each type of business which is covered by the application, state whether the applicant is applying—
a
for the licence to cover the carrying on of that type of business with no limitation; or
b
for the licence to cover the carrying on of that type of business only so far as it falls within one or more descriptions of business.
2
An application within subsection (1)(b) in relation to a type of business shall set out the description or descriptions of business in question.
3
References in this Part to a type of business are references to a type of business within subsection (4).
4
The types of business within this subsection are—
a
a consumer credit business;
b
a consumer hire business;
c
a business so far as it comprises or relates to credit brokerage;
d
a business so far as it comprises or relates to debt-adjusting;
e
a business so far as it comprises or relates to debt-counselling;
f
a business so far as it comprises or relates to debt-collecting;
g
a business so far as it comprises or relates to debt administration;
h
a business so far as it comprises or relates to the provision of credit information services;
i
a business so far as it comprises or relates to the operation of a credit reference agency.
5
The OFT—
a
shall by general notice specify the descriptions of business which can be set out in an application for the purposes of subsection (2) in relation to a type of business;
b
may by general notice provide that applications within subsection (1)(b) cannot be made in relation to one or more of the types of business within subsection (4)(c) to (i).
6
The power of the OFT under subsection (5) includes power to make different provision for different cases or classes of case.
S. 28A and preceding cross-heading inserted (16.6.2006 for certain purposes and otherwise 6.4.2008) by Consumer Credit Act 2006 (c. 14), ss. {35}, 71(2); S.I. 2006/1508, art. 3(1), Sch. 1; S.I. 2007/3300, art. 3(2), Sch. 2